Gibraltar Payments Companies Form E-Money Association

Members of the payments business community in Gibraltar recently have formed the Gibraltar Electronic Money Association (GEMA) to promote the Mediterranean country as the location of choice for global payment service providers. Member businesses include Wave Crest, IDT Financial Services, Transact Network, Payoneer EU and Ramparts. Daniel Spier, managing director of IDT, serves as GEMA chairman. GEMA, which held its inaugural meeting earlier this month, is adopting a collaborative approach to further common goals and to help solve issues within the industry, according to an announcement. GEMA also hopes to work more effectively alongside the Financial Services Commission (FSC), the government’s regulatory body. “The FSC is supportive of the electronic money industry and is working closely with the industry for an efficient regulatory environment which complements the innovative approach of this sector,” said FSC CEO Marcus Killick.

E-Money men establish new Association

Electronic commerce is one of the most rapidly expanding developments in modern international finance – with e-money topping the growth charts. So this month’s establishment of the Gibraltar E-Money Association (GEMA) will prove increasingly significant to the Rock’s financial sector in the months and years ahead.

Though the numbers of firms involved in this aspect remain small, their operations are growing, and the turn-out at the inaugural meeting of GEMA represented all five companies working in this sector. And its importance was acknowledged by Financial Service Commission CEO Markus Killick, who interrupted a series of overseas appointments to be present.

One of GEMA’s main objectives is to ‘work in an open, supportive and collaborative manner with the FSC…and to attract high quality new members to Gibraltar as a fast growing and well regarded payments jurisdiction’.

Daniel Spier, managing director of IDT, was elected chairman of the new association, with Peter Howitt of Ramparts its secretary/treasurer. Other members include IDT’s Gonzalo Guinea; Colin Piri and Brent Almeida of Wavecrest; Justine Gilder and Damian Asquez of Transact; and Howard Gibbs and Mark Taylor of Payoneer.